Microalgae have gained enormous consideration from scientific community worldwide emerging as a viable feedstock for a renewable energy source virtually being carbon neutral, high lipid content, and comparatively more advantageous to other sources of biofuels. Although microalgae are seen as a valuable source in majority part of the world for production of biofuels and bioproducts, still they are unable to accomplish sustainable large-scale algal biofuel production. Wastewater has organic and inorganic supplements required for algal growth. The coupling of microalgae with wastewater is an effective way of waste remediation and a cost-effective microalgal biofuel production. In this article, we primarily discussed the possibilities regarding use of waste water as a culture medium for microalgal cultivation for biofuel production. Wastewaters derived from distillery, paper mill, domestic, and dairy wastes can potentially provide cost-effective and sustainable means of algal growth for biofuels. It is found that treated domestic waste water yielded high lipid productivity and cell density compared to other waste waters.